RBS Axes Another 600 Bankers As Regulation Hurts Business

The cuts at Royal Bank of Scotland keep coming. According to
Reuters, RBS is laying off 618 employees from its financial
planning unit — bringing the total cuts since the financial
crisis began to approximately 36,000.

RBS cited impending regulation as the reason for the cuts:

RBS, 82 percent owned by the government, said the jobs would go
as a result of new UK rules requiring retail financial products
such as savings and investment vehicles to be sold by more highly
qualified staff and charged a fee.